Nonsense on stilts

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Nonsense on stilts
/ˈnɒnsəns ɒn stɪlts/ (n.)

“A bright line test is simple nonsense: rehypothecation of pledged securities, rhetorical nonsense — nonsense upon stilts.” — Jeremy Bentham

In these pages we refer to the creative contortions of U.S. Attorneys to achieve elliptically things the common law is perfectly able to achieve directly, in terms first used by Jeremy Bentham. Stiltish things preferred by our American friends:

• Rehypothecation
• Bright line tests
• Smart beta
• Merger of debt